8018. Suffolk Savings Bank (Boston, MA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 15, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
6cfbca6d

Response Measures

None

Description

Multiple March 1878 newspaper reports describe a run/panic among Boston savings banks that touched the Suffolk Savings Bank. Reports indicate some depositors withdrew but the bank was described as solvent and there is no mention of suspension, receivership, or permanent closure for the Suffolk. The cause appears to be a general panic/rumor (general and foolish scare).

Events (1)

1. March 15, 1878 Run
Cause
Rumor Or Misinformation
Cause Details
Part of a broader panic among Boston savings banks described as a general and foolish scare; some depositors requested withdrawals but bank described as solvent.
Newspaper Excerpt
the same is true of the Suffolk, although these banks, as far as known, are solvent to the last degree.
Source
newspapers

Newspaper Articles (4)

Article from The Portland Daily Press, March 16, 1878

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Article Text

IN A PANIC. Runs on Boston Savings Banks. BOSTON, March 15.-The run on the Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among the depositors. School street, where the bank is located, has been blockaded by a crowd today, and the excitement is intense. A committee engaged in examining the securities of this bank the past two weeks, stat that after deducting all depreciation which the quick assets embracing the stock, bonds, etc., have suffered since the last statement of the bank, and allowing $167,000 with which to pay interest falling due April 1, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin Savings Bank, Boylston street, one of the strongest institutions in the bountry, and the managers have given notice that the amount paid to the depositors on demand has been limited to $25, and 60 days' notice are required for larger sums. This reduced the number of banks in Boston, which are paying in full on demand, to three. An unusually large number of depositors in the Provident Institution for savings partaking of general and foolish scare applied for and obtained their money today, and the same is true of the Suffolk, although these banks, as far as known, are solvent to the last degree.


Article from Daily Globe, March 19, 1878

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Article Text

FINANCIAL TROUBLES. John Sherman's Victims Yield to the InInevitable--Failures in Chicago and Elsewhere. FAILURES IN CHICAGO. CHICAGO, March 18.-Stearns, Dana & Co., wholesale grocers, 42 Lake street, who have been in financial difficulty for some time, filed a petition in bankruptcy to-day. Secured debts $14,000;unsecured $60,000 other liabilities, making a total of $81,000. Assets, open accounts, stock, real estate, etc., $70,000. George F. Work, picture frame manufacturer, filed a petition in bankruptcy. Secured debts $56,000; unsecured $110,000. All assets exempt. NOVA SCOTIA, TOO. HALIFAX, N. S., March 18.-McIntosh, & Co., bankers and brokers, suspended payments today. It is feared it will lead to more failures. Liabilities not known, but will exceed $100,000. The bank of Nova Scotia is a large creditor. Assets nominally exceed liabilities. DOMINION FAILURES. MONTREAL, March 18.-C. L. Baker, of Lindsay, wholesale grocer, has failed. Liabilities $300,000; assets large. The Beaver Stamping company is attached. Liabilities $70,000; assets unknown. A LITTLE RELIEF. WILKESBARRE, Pa., March 18.-The Lehigh & Wilkesbarre coal company resumed work this morning in eleven collieries on threequarter time, giving work to 2,000 men and boys. BOSTON SAVINGS BANK RUN. BOSTON, March 18.-The run on the savings banks to day continues, but the excitement is greatly diminished and the crowd in e the Five Cents savings bank did not number Is over one hundred. At the Provident and e Suffolk savings banks there were few, if any, Zdepositors calling for their money. STRIKE OF ENGLISH WEAVERS. LONDON, March 18.-Between five and six -1 thousand Oldham weavers are engaged in the strike and lock-out. Numbers of operatives in other departments are kept idle in c, consequence of the stoppage of work by the weavers, and great distress prevails. SWINDLING BANK OFFICERS HELD. READING, Pa., March 18.-The habeas corpus hearing of A. L. Boyer and Col. Sellers, officers of the suspended Dime savings bank, charged with conspiracy to defraud, was concluded to day and the prisoners held in $5,000 each to appear at the April term. Id


Article from The Dallas Daily Herald, March 19, 1878

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Article Text

HERE AND THERE. Habeas Corpus Refused the Swindling Officers of a Dinne Savings BankRan on the Boston Savings Banks Diminishing. FORTRESS MONROE, March 18.-Hons. R. H. Bland, George W. Adams, George C. Cabell, John F. Kelly and John Goode, members of congress, are here. READING, Pa., March 18 -A writ of habeas corpus in favor of the officers of the dime savings bank, which has suspended, was refused, and, the culprits held in forty thousand dollars ball. BOSTON, March 18 -Bank Examiner Needham states that the actual loss to the Lichmer bank, at East Cambridge, by the robbery last Saturday was $3,038, leaving a surplus of $113,000 balance. The loss falls upon the president and outside parties. The run on the savings banks to-day continues, but the excitement has greatly diminished. The crowd at the five cents savings bank is about one hundred. At the Providentand Suffolk savings banks few depositors are calling for their money. The Hyde Park savings bank i+ enforcing the sixty days rule on all sums over twen ty-five dollars.


Article from Perrysburg Journal, March 22, 1878

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Article Text

THE EAST. The annual meeting of the stockholders of the Pennsylvania Railroad Company was held at Philadelphia on the 12th. In reply to questions Col. Scott stated that his salary was $24,000 per year since the reduction. The Vice-Presidents got $10,000 and $12,000; the other officers from $2,000 to $12,000. The coinage of the new silver dollars was commenced at the Philadelphia mint on the 11th. The first dollar struck went to President Hayes and the second to the Secret of the Treasury. Maine, Massachusetts, and New Hampshire are to have their annual fast on Thursday, April 11. Two freshmen of Dartmouth College have been arested for an assault upon a sophomore and a senior. The returns from the New Hampshire election up to the morning of the 13th indicated the election of Prescott (Rep.) for Governor by 1,500 majority. The Republicans claimed the House by 50 majority. The Prohibitory Liquor bill was defeated118 to 93-in the Massachusetts House of Representatives on the 12th. The Connecticut Legislature, on the 13th, passed the bill reorganizing the Charter Oak Life Insurance Company on the mutual plan. The heaviest hail-storm ever experienced in West Virginia passed over Jefferson County on the night of the 11th. Hail-stones larger than eggs fell, unroofing houses, breaking A glass, and killing cattle, hogs and sheep. heavy rain followed, washing out the growing wheat. The damage is estimated at $75,000 to $100,000. Another row occurred at Princeton (N.J.) College on the 13th, between Juniors and Seminary students. Three of the latter were 1 severely beaten. Six of the Juniors were arrested. A new bridge over the Raritan River at New Brunswick, N. J., to replace the one burned on the 9th, was completed on the 13th. It of wood, 900 feet long, cost $20,000, and 500 I men were employed in its construction. n Buyers paid a fraction above par in gold for the new silver dollar in New York on the 14th. r The Newburyport (Mass.) Five-Cent Savings 1 Bank has suspended business. The Pennsylvania Senate has adopted a resolution urging upon Senators and RepresentS atives from that State the importance of united f action in opposing any change of the present n tariff system so far as it affects the interests d of that State. The boy Welsh who killed his playmate at 1 Philadelphia has been released by the Coroe ner's jury. o Grenville Tremain, Republican candidate in New York last fall for Attorney-General, died t at Albany on the 14th of typhoid fever. A bill introduced in the Pennsylvania House of Representatives on the 15th makes human cremation a misdeameanor punishable with II fine and imprisonment. e Joseph La Paige was executed in the State y Prison at Concord, N.H., on the 15th, for the murder of Josie Langmaid at Pembroke in g 1875. He acknowledged hisguilt and confessed the murder of Miss Ball at St. Albans, Vt., in n 1874. is On the 15th the schooner Young America d sailed from Buffalo for Detroit. g The schooner Carrie P. Morton and crew of e fourteen men, of Gloucester, Mass., are sup e posed to be lost. 1. The New York canals will open by April 10. to Furness, Ash & Co., the oldest dry-goods, e auction and commission house in Philadelphia ; have failed. is Commodore John H. Graham, U. S. Navy, as died on the 15th at Newburgh, N. Y., of apoil plexy, aged eighty-four. The cotton manufacturers of Fall River, Mass., have voted a 15 per cent. reduction of wages, beginning April 1. n The Philadelphia Press on the 16th dis8charged all Union printers employed on the paper and filled their places with non-Union at men. re On the 15th and 16th there were runs on the rFive-Cent, Provident and Suffolk Savings in Banks, of Boston. A mass-meeting was held at Allentown, Pa. non the 16th to protest against the passage of the new Tariff bill. 8The U.S. sloops-of-war Portsmouth and Wy ioming sailed on the 16th from New York with d exhibits for the Paris Exposition. During February the value of exports from m New York was $9,734,925. at The Lehigh and Wilkesbarre Coal Companies resumed work in eleven of their collieries Of n the 18th, on three-quarters time, giving work it to 2,000 men and boys. e, A.L. Boyer and C. Sellers, officers of the b. suspended Dime Savings Bank, of Reading to Pa., have been held for trial in $5,000 bail each ty on the charge of conspiracy to defraud. The Pennsylvania Coal Company resume a work on the 19th. he nWEST AND SOUTH.